The ECB ramped up pressure on Cyprus to seal a bailout pact with the EU and the IMF by Monday, making further funding for the island's ailing banks contingent on a deal. Christopher Lawton reports.

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... I ... ECB sent a message to Cyprus ... basically the message is ... come up with a deal by Monday or else is the latest in the high stakes gamble that has become the fight over Cyprus and its bailout what happens next and can be a busy weekend for people in Cyprus ... specially our reporters who are covering this story ... were lucky enough that one of them with us Christopher Lawton coming to us from Frankfurt ... odd Chris explained to us believe it's from the ECB and what they're really saying here ... sure sure so it is freezing the risk in this morning was that ... they basically say that they're going in the Cyprus government doesn't seem to deal with the European Union and International Monetary Fund ... for a bailout and they will head off emergency funding ... for Spain's ... know what they're really say this deadline is Monday by the rhetoric to really saying ... it is that's ... if you don't see that the studio ... to bring police have no funding no collapse and that could eventually force and pursue years ... I know I mean God doesn't do this ... with the high-stakes think ... this is a high-stakes thing because during health plan a failed in Cyprus right to depositors tax was totally ... of rejected ... Plan B is failed plan B with them for two for them to tap some of the confines of ... Cyprus is on to plan C and it doesn't seem like they have a very solid plan at all why would the ECB take this step ... why think they need to be returned to pressure on on a per screen ... I'm ... you know and and do the deal can um um that is a favorite rejected on Tuesday it and it did tend to be green told him to veto it that that emergency funding can only be softened Banks and I just don't think that they're willing to gamble with the future of Europe from over two percent for the moment is right but they are gambling ... the euro zone rates ... I mean it didn't occur until Monday ... some people interpret it as a tolerant of it into the tin is going to ... it is hard deadline is the first time that the TV ... to be threatened ... to remove or merchants the funding for banks in the member states though ... I think it is quite serious that helped me to be that they need to ... they need to seal the deal for a bailout ... will options to Cyprus had at this point ... the conflict they don't have ... the option to bed to turn the negotiation with the Russians to perhaps ... speaking at the company or in a couple things for another loan from Russia there also ... thinking about helping their pension fund the additional ... five point eight billion euro that they need to then get the second division here from ... the ... U ... S bailout for ... the ... troika that the European Commission the IMF needs to be ... a degree ... on the door to door like the edge of the pension fund for the trees to the Cyprus government and the Russians ... seem ... to be sitting on the sidelines waiting to see with the European cure for the ... for the jump and show that there are a lot of good option to put the Eurogroup ... chairman said ... in the ... U S Senate urgent but they've been ... released by the line that the ... size of this this picture has become bound and determined that the kids to bed ... some sort of ability on depositors and probably another week to ... cruise last couple days the markets have really responded to all this news I overhear to stocks were up ... this morning stocks are down stocks in Europe are down to you start to see the market for spinal that this ... year and the markets could put some pressure off on all sides really ... to get a deal done things that they send a signal I think that and I think everybody freedom and initiatives stated so far the market have been relatively calmer think with the euro zone a McD Phoebe in particular very afraid of ... is that ... it does get it back and forth between Cyprus ... and and and its European creditors continues ... it could just do the same fears in the market ... about the credibility of the euro and the euro zone and development that they don't want that don't want ... investors in the market to get spooked again about ... the suitability of the euro zone about Italy and ... Spain ... I think most people can see that it ... refers to the paper sticking to the collapse and the method it and ... you can do to survive or avoid having to compacted think what's more important and this ... is to get this deal done as quickly as possible so that we don't ... fears about whether ... this ... great stuff thank very